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SGBL To Raise Stake In Jordanian Subsidiary SGBJ

SGBL Group, part of the international network of French banking group Societe Generale, has concluded an agreement with Kuwait-based Global Investment House, based on which the Kuwaiti company will sell its 29.94% stake in Societe Generale de Banque - Jordanie (SGBJ) to SGBL.

The agreement raises SGBL’s stake in SGBJ to almost 85%. SGBL has been present in Jordan since 1999 when it acquired a stake in the capital of SGBJ, which was called MEIB at the time.

SGBJ’s main business lines are retail, corporate and private banking, as well as financial brokerage. It has 16 branches in Jordan and is listed on the Amman Stock Exchange.

Given the consolidation of its regional platform that extends to its natural markets in Lebanon, Jordan, Syria, and recently Cyprus, SGBL intends, in the upcoming months, to promote greater synergies as well as a mutualisation of the various lines of business of the group. The company said that it will also actively pursue its quest for growth opportunities in the region.